Should your company rent an office suite? There are several benefits including fewer responsibilities, more flexibility, and no mortgage. Here are some of the other main benefits you can enjoy by renting or leasing office space instead of purchasing it:
- Tax paperwork
In the case your company is leasing out office space, your income tax return will be easier to file on the other hand if you own the building that you’re working on the paperwork required tends to be much higher.
Besides that, there are a lot of other issues related so owning a building. So it’s always a plus when you don’t have to do more paperwork. It can free up time and money to deal with other important issues your company has to handle.
Paperwork is something that’s part of the business world, and the good news is the Digital Age has made it easier. However, it’s still always a key benefit when you have less to deal with, so less tax paperwork is a plus.
- Less stress
Owning and running a business can be quite stressful so it’s important to reduce your stressor whenever you can. One way to do that is by renting/leasing and office suite instead of constructing an office building.
- Negotiate rates
Sometimes it’s possible to negotiate the rates of real estate properties. This is often possible if there are a lot of properties in your area. The company might be willing to negotiate a lower price to prevent you from taking your business elsewhere.
It’s always worth trying to negotiate the rent/lease rates. There’s no guarantee that you’ll be able to do that, but it’s worth a try. Consider that the costs can be quite high depending on the area you’re in, so it’s always helpful if you can get a lower price.
- No down-payment
When you buy a building you usually have to pay 20%-25% of the cost of a down-payment, then mortgage the balance. On the other hand, when you lease office space you just have to pay 1-2 months of the lease’s value before you move into the building. That can be a big plus for small businesses that need cash flow.
These are just some of the many benefits of renting an office suite instead of building an office building. Why not consider the solution that requires less time, effort, and money? It’s simply good business. This article has been contributed by Aim Business Centres Carlton.